Code and Standards and Interpretive Guidance
Code of Ethics and Standards of Professional Conduct Exposure Draft
Read the Exposure Draft. The deadline to submit comments was 6 March 2023.
Code of Ethics and Standards of Professional Conduct (PDF)
Read the current version of the Code and Standards.
Guidance for the Codes and Standards
As the investment management landscape evolves, we update the guidance to provide how the Code and Standards apply to issues facing investment professions. The latest guidance is available here.
Standards of Practice Handbook (11th edition, 2014) (PDF)
Contains the Code and Standards (effective 1 July 2014) and the guidance applicable at publication.
Ethics in Practice Casebook (2nd edition) (PDF)
Test your application of the Code and Standards with short cases based on real-world scenarios.
Tools and Resources
The Code and Standards have been translated into more than 20 languages.
Questions? Email us.
Learn more about the Professional Conduct Program
To protect the integrity of CFA Institute membership, designations, and exam programs, CFA Institute upholds the Code and Standards, all exam rules and regulations, and the CFA Institute Bylaws through enforcement by the Professional Conduct Program.
You can help protect the integrity of CFA Institute membership and designations by reporting conduct that does not meet our standards.
Why Ethics Matter to the Investment Industry
Read why ethics matter to the investment industry.